A2Dominion Housing Group Ltd Half Yearly Results
02 November 2018 - 4:45AM
RNS Non-Regulatory
TIDM54XE
A2Dominion Housing Group Ltd
01 November 2018
A2Dominion Housing Group's Half Yearly Performance Update
covering the period to 30 September 2018
A2Dominion Housing Group announces the following update for the
period to 30 September 2018.
Financial Performance
The Group has delivered a strong financial performance compared
to budget expectation for the period. The Group is expected to
sustain this level of performance through to the end of the
financial year.
Management Accounts Consolidated Statement of Comprehensive
Income
6 Months to 6 Months to
30-Sep-18 30-Sep-17
GBPm GBPm
------------------------------------ -------- ---------------------- ------------------------
Turnover 197.8 133.2
------------------------------------- -------- ---------------------- ------------------------
Rent 111.2 109.2
Sales 73.9 11.6
Social Housing Grant Amortisation 8.3 7.9
Other Income 4.4 4.5
------------------------------------- -------- ---------------------- ------------------------
Operating Surplus 52.2 56.3
Operating Margin 26.4% 42.3%
Share of Joint Venture Surplus 2.4 16.7
Interest (23.5) (26.0)
----------------------------------------------- ---------------------- ------------------------
Surplus for the Period 31.1 47.0
---------------------- ------------------------
Management Accounts Consolidated Statement of
Financial Position
30-Sep-18 31-Mar-18
GBPm GBPm
------------------------------------ ---- --- ---------------------- ------------------------
Fixed Assets 3,243.0 3,174.6
Current Assets 652.1 568.2
Creditors (2,925.4) (2,803.5)
----------------------------------------------- ---------------------- ------------------------
Net Assets 969.7 939.3
--- ---------------------- ------------------------
Revenue Reserves 962.6 932.6
Other Reserves 7.1 6.7
--- ---------------------- ------------------------
Net Equity 969.7 939.3
--- ---------------------- ------------------------
Year on year the Group achieved a lower operating margin
compared to the same period last year. This is a consequence of two
large developments with lower margins, which generated nearly
GBP50m of turnover during the 6 months to September 2018. Social
housing income operating margin remains strong at 35.7% (2017:
38.7%).
The Statement of Financial Position shows a net asset increase
of GBP30.4m which highlights the Group's continued commitment to
invest our surpluses and obtain funding to deliver our housing
development programme.
Operational Performance
-- Customer: The Group has performed well over the first half of
the year showing improved results in our customer contact
performance and maintaining a high level of customer satisfaction
(81%). Arrears levels have also remained steady for the year to
date. Overall satisfaction with responsive repairs services (89%)
and planned maintenance services (99%) are above target.
-- Development: The number of homes built to the end of September 2018 is 338.
Treasury
As at 30 September, the Group's loan facilities and borrowings
are summarised as follows:
Arranged Drawn
GBPm GBPm
A2Dominion Housing Group Limited (1.3) (1.3)
A2Dominion Homes Limited 932.0 635.6
A2Dominion South Limited 797.7 632.4
A2Dominion Residential Limited 280.5 280.5
A2Dominion Housing Options 26.0 26.0
A2Dominon Development Limited ____47.3 ___47.3
2,082.2 1,620.5
________ _______
In addition to the GBP461.7m of undrawn facilities, the Group
had GBP212.0m of cash invested with a variety of counterparties, in
line with our Treasury Policy.
As at 30 September, the Group's overall fixed rate ratio was
84.3% (compared to 91.4% as at the end of March 2018) and the
average borrowing rate remains unchanged at 4.38%.
Since April 2018, the Group has entered into two new revolving
credit facilities of GBP50m each. The Group has also issued a
Floating Rate Note of GBP60m, and has signed a new uncommitted
facility for a future notes issue of $100m. Over the next 2 years,
GBP170m of existing loan facilities will be lost through scheduled
loan facility amortisation and we are planning to replace these
lost facilities in the near future. The annual update of our EMTN
programme documentation was carried out during September, so that
the Group is able make use of this over the next 12 months.
Investor Update
An Investor Update presentation is available on our website
link: https://www.a2dominiongroup.co.uk/content/doclib/68.pdf
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END
NRADMMGMNMMGRZM
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November 01, 2018 13:45 ET (17:45 GMT)
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